GULASO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GULASO
Largest movements
- Tangible fixed assets +€22,803
up €22,803 (+77.6%), from €29,387 to €52,190
of which Leasing and similar rights: +€35,366
- Deferred charges and accrued income -€21,534
down €21,534 (-86.2%), from €24,981 to €3,447
- Receivables within one year +€13,731
up €13,731 (+38.5%), from €35,659 to €49,390
of which Trade receivables: +€12,374
- Cash -€6,132
down €6,132 (-29.1%), from €21,086 to €14,954
mainly Contributions, distributions and other (-€100,000) and Investment in fixed assets (net) (-€43,130)
- Reserves -€93,372
down €93,372 (-58.5%), from €159,741 to €66,368
- Other debts +€82,120
up €82,120 (+1012.0%), from €8,114 to €90,234
- Debts after one year +€20,702
up €20,702 (+415.2%), from €4,986 to €25,688
- Trade debts -€6,887
down €6,887 (-79.6%), from €8,651 to €1,764
- Current portion of long-term debt +€3,706
up €3,706 (+50.3%), from €7,366 to €11,072
- Gross operating margin -€37,984
down €37,984 (-53.4%), from €71,142 to €33,158
- Taxes -€11,503
down €11,503 (-77.0%), from €14,941 to €3,438
- Depreciation +€3,978
up €3,978 (+24.3%), from €16,350 to €20,327
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €211,612 | €221,102 | +€9,490 | +4.5% |
| Fixed assets | 21/28 | €29,387 | €52,190 | +€22,803 | +77.6% |
| Tangible fixed assets | 22/27 | €29,387 | €52,190 | +€22,803 | +77.6% |
| Plant, machinery and equipment | 23 | €5,971 | €3,704 | -€2,267 | -38.0% |
| Furniture and vehicles | 24 | €23,416 | €13,120 | -€10,296 | -44.0% |
| Leasing and similar rights | 25 | - | €35,366 | +€35,366 | |
| Current assets | 29/58 | €182,225 | €168,913 | -€13,313 | -7.3% |
| Amounts receivable within one year | 40/41 | €35,659 | €49,390 | +€13,731 | +38.5% |
| Trade receivables | 40 | €35,225 | €47,599 | +€12,374 | +35.1% |
| Other amounts receivable | 41 | €434 | €1,791 | +€1,356 | +312.2% |
| Current investments | 50/53 | €100,499 | €101,121 | +€622 | +0.6% |
| Cash at bank and in hand | 54/58 | €21,086 | €14,954 | -€6,132 | -29.1% |
| Deferred charges and accrued income | 490/1 | €24,981 | €3,447 | -€21,534 | -86.2% |
| Total equity and liabilities | 10/49 | €211,612 | €221,102 | +€9,490 | +4.5% |
| Equity | 10/15 | €178,341 | €84,968 | -€93,372 | -52.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €159,741 | €66,368 | -€93,372 | -58.5% |
| Distributable reserves | 133 | €159,741 | €66,368 | -€93,372 | -58.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €33,271 | €136,134 | +€102,863 | +309.2% |
| Amounts payable after more than one year | 17 | €4,986 | €25,688 | +€20,702 | +415.2% |
| Financial debts | 170/4 | €4,986 | €25,688 | +€20,702 | +415.2% |
| Amounts payable within one year | 42/48 | €28,202 | €110,400 | +€82,198 | +291.5% |
| Current portion of amounts payable after more than one year | 42 | €7,366 | €11,072 | +€3,706 | +50.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €8,651 | €1,764 | -€6,887 | -79.6% |
| Suppliers | 440/4 | €8,651 | €1,764 | -€6,887 | -79.6% |
| Taxes, remuneration and social security | 45 | €4,070 | €7,330 | +€3,259 | +80.1% |
| Taxes | 450/3 | €4,070 | €7,330 | +€3,259 | +80.1% |
| Other amounts payable | 47/48 | €8,114 | €90,234 | +€82,120 | +1012.0% |
| Accrued charges and deferred income | 492/3 | €83 | €46 | -€37 | -45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,350 | €20,327 | +€3,978 | +24.3% |
| Other operating charges | 640/8 | €3,016 | €2,365 | -€652 | -21.6% |
| Gross operating margin | 9900 | €71,142 | €33,158 | -€37,984 | -53.4% |
| Operating profit (loss) | 9901 | €51,776 | €10,466 | -€41,310 | -79.8% |
| Financial income | 75/76B | €992 | €764 | -€228 | -23.0% |
| Recurring financial income | 75 | €992 | €764 | -€228 | -23.0% |
| Financial charges | 65/66B | €502 | €1,164 | +€662 | +131.9% |
| Recurring financial charges | 65 | €502 | €1,164 | +€662 | +131.9% |
| Profit (loss) for the period before taxes | 9903 | €52,266 | €10,066 | -€42,200 | -80.7% |
| Income taxes | 67/77 | €14,941 | €3,438 | -€11,503 | -77.0% |
| Profit (loss) for the period | 9904 | €37,324 | €6,628 | -€30,697 | -82.2% |
| Profit (loss) for the period to be appropriated | 9905 | €37,324 | €6,628 | -€30,697 | -82.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.